Can I deduct health insurance premiums for the whole year when I was self employed only half the year?

[sandyandmolly]

I worked for a company in 2015.  In 2016, I received unemployment compensation for February through April.

I started my own business on June, 2016.  Can I deduct the entire year of 2016 health insurance premiums or just a half year of premiums?

[WillK · Accepted solution]

For the premiums you paid February-April would go on your schedule A along with the rest of your medical expenses that you paid out of pocket for the year. Medical expenses are an itemized deduction on Schedule A and are deductible to the extent they exceed 7.5% of your adjusted gross income (AGI).   Please click here for more information: https://www.irs.gov/taxtopics/tc502.html

The medical insurance premiums that you paid June-December would qualify for the self-employment health insurance deduction. 

If you are another entity type such as a partnership or Corporation, then the insurance premiums you paid would be deducted on the business books as an expense, and then the premium amount would need to be added to your W-2 as taxable income, then you could take the insurance deduction on your personal return. 

[edited 3/13/2020 @4:30pm]